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Smithfield Foods Third Quarter Fiscal 2026 October 27, 2026
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2 Legal Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management, and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words, such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “contemplates,” “believes,” or “estimates” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Specific forward-looking statements in this presentation include our 2026 financial outlook, including sales, adjusted operating profit, capital expenditures and effective tax rate; expected Packaged Meats operating profit above $1 billion; our growth and capital allocation strategies; our plans to reduce annual internal hog production below 10 million head, including an approximately 900,000- head reduction under an agreement with an existing joint venture partner; expected operating efficiencies and plans for the proposed Sioux Falls plant; anticipated growth and accretion from the Nathan’s Famous acquisition; and anticipated annual dividends of $1.25 per share in 2026, subject to Board approval. We have based the forward-looking statements contained in this presentation primarily on our current expectations, estimates, forecasts and projections about future events and trends that we believe may affect our business, results of operations, financial condition and prospects. Although we believe that we have a reasonable basis for each forward-looking statement contained in this presentation, the results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. We undertake no duty to update any statement made in this presentation in light of new information or future events. The forward-looking statements contained in this presentation are subject to substantial risks and uncertainties that could affect our current expectations and our actual results, including, among others: (1) the cyclical nature of our operations and fluctuations in commodity prices; (2) our dependence on third-party suppliers; (3) our ability to execute on our strategy to optimize the size of our hog production operations; (4) our ability to navigate geopolitical risks including increased tariffs on our exports, (5) our ability to mitigate higher input costs through productivity improvements in our operations, procurement strategies and the use of derivative instruments; (6) our ability to compete successfully in the food industry; (7) our ability to anticipate and meet consumer trends and interests through product innovation; (8) compliance with laws and regulations, including environmental, cybersecurity and tax laws and regulations in the United States and Mexico; (9) our ability to defend litigation brought against us and the sufficiency of our accruals for related contingent losses; (10) our ability to prevent cyberattacks, security breaches or other disruptions of our information technology systems; (11) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (12) our dividend policy and our ability to pay dividends; and (13) our status as a “controlled company” and any resulting potential conflicts of interest. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Smithfield’s Investor Relations Department at ir@smithfield.com or by clicking on SEC Filings on the Smithfield Investor Relations website at investors.smithfieldfoods.com. Non-GAAP Financial Measures This presentation contains certain financial information that is not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), including (1) adjusted net income attributable to Smithfield; (2) adjusted net income per diluted common share attributable to Smithfield; (3) earnings before interest, taxes, depreciation and amortization ("EBITDA"); (4) adjusted EBITDA; (5) adjusted EBITDA margin; (6) adjusted operating profit; (7) adjusted operating profit margin; (8) net debt; and (9) ratio of net debt to adjusted EBITDA. We refer to these measures as “non-GAAP” financial measures.
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3 03 02 Agenda Opening Remarks Growth Strategy and 2026 Outlook Q3 Financial Results 01
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4 T H I R D Q U A R T E R F I S C A L 2 0 2 6 Opening Remarks Shane Smith President & Chief Executive Officer
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5 Executing Through Market Pressure Market pressures weigh on upstream segments; Packaged Meats demonstrates resilience with volume and profit growth Pressured Consumer Export Headwinds Elevated Input Costs Compressed Processor Spreads HOW WE'RE RESPONDING Gaining share in Packaged Meats Volume share gains in all five largest categories Connecting Our Brands Across Generations We Speak Pork campaign enabling brand engagement across demographics Growing Value-Added in Fresh Pork Marinated volume +2.6% and share +2.9 pts; Meal-Ready cuts innovation Reducing Internally Produced Hogs Joint venture agreement cuts ~900K head, lowering our commodity exposure Focused on what we control: brands, whole-hog value & cost — pressure is market-driven; our strategy is unchanged. Source: Circana MULO+, 13-week period ended September 27, 2026.
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6 05 04 03 02 Q3 2026 Key Highlights Packaged Meats segment on track for fifth consecutive year above $1 billion in operating profit Strong balance sheet and financial position provide significant flexibility to support growth and create shareholder value Returning value to shareholders through anticipated Fiscal Year 2026 dividend of $1.25 per share (1) Upstream segments focused on navigating challenging commodity markets with discipline Acquired Nathan’s Famous, bolstering Packaged Meats brand portfolio and profit (1) Subject to Board approval. 01
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7 T H I R D Q U A R T E R F I S C A L 2 0 2 6 Q3 Financial Results Mark Hall Chief Financial Officer
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8 8 (1) Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Net Income Attributable to Smithfield and Adjusted Net Income Attributable to Smithfield per Diluted Common Share are non-GAAP measures. Please see the appendix for a reconciliation of these measures to the most comparable GAAP measures. Thirteen Weeks Ended September 27, 2026 % Change Thirteen Weeks Ended September 28, 2025 in $MM except EPS in $ / share Sales $3,437 $3,747 (8.3)% Adj. Operating Profit (1) $145 $310 (53.2)% Adj. Operating Profit Margin (1) 4.2% 8.3% (410) bps Adj. EPS (1) $0.26 $0.58 (55.2)% Adj. Net Income (1) $103 $230 (55.3)% Q3 2026 Results Consolidated Results Compared to Prior Year
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9 Durable Packaged Meats Performance P A C K A G E D M E A T S | Q 3 2 0 2 6 V S . Q 3 2 0 2 5 | $ M M Sales Adjusted Operating Profit (1) ADJUSTED OPERATING PROFIT MARGIN (1) 11.6% 10.8% (5.2)% SALES +0.2% VOLUME (5.3)% PRICE +1.9% ADJ. OPERATING PROFIT (1) (1) Adjusted operating profit and adjusted operating profit margin are non-GAAP measures. See appendix for reconciliation. Profit growth and margin expansion highlight the resilience of the Packaged Meats business
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10 Fresh Pork Results Reflect Softer Pricing and Volume F R E S H P O R K | Q 3 2 0 2 6 V S . Q 3 2 0 2 5 | $ M M Lower commodity markets drove an operating loss in the quarter Sales Adjusted Operating Profit (Loss) (1) ADJUSTED OPERATING PROFIT (LOSS) MARGIN (1) (4.9)% 0.5% (17.0)% SALES (6.3)% SALES VOLUME (11.4)% PRICE NM ADJ. OPERATING PROFIT (LOSS) (1) (1) Adjusted operating profit (loss) and adjusted operating profit (loss) margin are non-GAAP measures. See appendix for reconciliation.
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11 Lower Hog Prices Pressured Profitability H O G P R O D U C T I O N | Q 3 2 0 2 6 V S . Q 3 2 0 2 5 | $ M M Lower JV sales and market hog prices reduced sales and profits versus a strong prior-year quarter Sales Adjusted Operating Profit (1) ADJUSTED OPERATING PROFIT MARGIN (1) 5.0% 10.9% (15.0)% SALES (1 ) Adjusted operating profit (loss) and adjusted operating profit margin are non-GAAP measures. See appendix for reconciliation. (61.3)% ADJ. OPERATING PROFIT (LOSS) (1)
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12 Strong Financial Position Creates Flexibility (1) Net debt to adjusted EBITDA is a non-GAAP measure; see appendix for reconciliation. (2) Cash and cash equivalents plus available borrowing capacity under our credit facilities. (3) Subject to Board discretion. 01 Drive Growth Invest in product innovation and marketing to drive profitable growth 02 Reinvest in the Business Automation and operating efficiencies, including the proposed Sioux Falls plant 03 Shareholder Return (³) Recommended FY26 dividend of $1.25 per share 04 Opportunistic M&A Disciplined, complementary acquisitions such as Nathan's Famous 0.5x Net debt to adjusted EBITDA (¹) $3.5B Liquidity (²) Capital Allocation Strategy
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13 Down Low-Single-Digit Percentage Compared to FY 25 FY 2026 Guidance (1)(2) Sales Adj. Operating Profit Capex Effective Tax Rate $1,090 - $1,140 MM $900 - $1,000 MM Packaged Meats Fresh Pork Hog Production $350 - $375 MM 22.5% - 24.5% $(50) - $0 MM $(25) - $25 MM (1) The Company’s outlook for fiscal year 2026 includes adjusted operating profit and adjusted segment operating profit. The Company is not able to reconcile its fiscal year 2026 projected adjusted results to its fiscal year 2026 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of and the amount of any potential applicable future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. (2) The Company's outlook for 2026 includes 53 weeks of results andthe impact of the Nathan's Famous acquisition. The Company's outlook excludes the investment in the new Sioux Falls processing plant.
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14 05 04 03 02 01 Strategic Priorities Drive Growth & Resiliency Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Optimize operations – Drive operating efficiencies across manufacturing, supply chain, distribution, procurement and SG&A M&A – Evaluate synergistic opportunities Hog Production – Reduce internally produced hogs to <10MM head annually and achieve a best-in-class cost structure on retained farms
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15 Maximizing the Value of Every Hog Executing our next-best sales strategy across every channel 1 Packaged Meats Our first and best sale 2 Domestic Channels Retail & foodservice 3 Adjacent Lines Pharmaceutical & pet food 4 Export Next-best sale for remaining cuts Marinated Fresh Pork #1 in the category · 31.8% volume share +2.9 pts Volume share gain +2.6% Volume growth vs. category –10.5% +7.3% Distribution points Source: Circana MULO+, Fresh Pork – Marinated, 13 weeks ended September 27, 2026. Growing Value-Added at Retail
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16 Hog Production Transformation Strategy Maintaining High Quality While Structurally Reducing Commodity Exposure ANNUAL HOG PRODUCTION (MM HEADS) 17.6 2019 15.8 2023 14.6 2024 11.1 2025 <10 Target (¹) DIFFERENTIATED SUPPLY CHAIN SERVICING DOWNSTREAM SEGMENTS 100% of company-owned farms on group housing for pregnant sows 1,600+ company-owned & contract farms across the U.S. ~100% of hogs produced are processed by our own Fresh Pork segment JV partner agreement reduces internal hog production by ~900K head annually (1) Reflects management’s goal as of the date hereof based on a stated strategy to optimize the size of hog production operationsand is subject to change based on, among other things, third party pricing and availability.
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17 Volume Share Gains in a Competitive Environment Smithfield gained volume share in 8 of 10 of our $1B+ categories, including all five of our largest categories Smoked Ham +2.3pts V O L U M E S H A R E G A I N Y o Y Uncooked Bacon +0.9pts V O L U M E S H A R E G A I N Y o Y Packaged Lunchmeat +0.8pts V O L U M E S H A R E G A I N Y o Y Hot Dogs +0.7pts V O L U M E S H A R E G A I N Y o Y Dry Sausage +0.4pts V O L U M E S H A R E G A I N Y o Y Uncooked Breakfast Sausage +0.2pts V O L U M E S H A R E G A I N Y o Y Uncooked Dinner Sausage +0.2pts V O L U M E S H A R E G A I N Y o Y Cooked Dinner Sausage +0.2pts V O L U M E S H A R E G A I N Y o Y Largest 5 categories Other $1B+ categoriesSource: Circana MULO+, 13-week period ended September 27, 2026; Largest five categories ranked by volume in pounds Dry Sausage includes 3 categories (Dry Sausage, Deli Presliced Lunchmeats, and Deli Specialty)
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18 Prime Fresh Expands Reach and Drives Growth Total Smithfield packaged lunch meat volume grew 7%, while Prime Fresh expanded distribution and delivered 18% volume growth Premium and convenient deli-quality offerings support everyday lunch occasions Commercial Momentum +17.6% Repeat Buyer Growth +0.6 PTS Volume Share Gain +12.0% Volume Velocity +7.0% First-Time Buyer Growth Source: Circana MULO+, 13-week period ended September 27, 2026.
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19 Robust Innovation Pipeline Built Around Demand for Flavor Grass-Fed Beef Hot Dogs Nathan's Famous PBR Beer Brat Smithfield Bratwurst Cranberry Brown Sugar Glaze Smithfield Seasonal Spirals Rotisserie Chicken Prime Fresh Deli
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20 The official smoked sausage of the largest, most dominant conference in college sports 62M+ Big Ten fans and alumni Representing $5.7T in buying power 100MM+ TV households reached 8 of 10 most-watched CFB broadcasts of 2025 4.5x More likely to act on a Big Ten sponsor's message 6 Sports Year-round presence Football in the fall through baseball & softball Source: Official Big Ten Alumni Database; MRI-Simmons Sports Fan Study; Bureau of Economic Analysis GDP; YouGov Custom Big Ten Survey Q4 2024.
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We Speak Pork: Winning the Next Generation Repositioning Smithfield as a modern, culturally relevant brand and growing household penetration across generations Source: Circana Household Panel, latest 13 weeks ending 9/6/26. Household penetration (HHP) change shown in percentage points. Young Millennials defined as born 1990–1996. +0.8 pts T O T A L H O U S E H O L D S +0.4 pts G E N Z HHP growth vs. prior 13 weeks +0.5 pts T O T A L H O U S E H O L D S +0.6 pts G E N Z +0.7 pts Y O U N G M I L L E N N I A L S +0.9 pts G E N X HHP growth vs. year ago
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22 Foodservice: Solutions for Our Customers Foodservice remains an important channel, representing ~30% of Packaged Meats sales Customer Solutions Labor-saving products like our roasted bacon, and limited-time offers that drive traffic — several now on permanent menus 53 LTOs YTD, 22 in Q3 National Accounts Branded and private-label programs with leading quick-service and casual dining chains ~70% of top-50 national chains serviced (¹) Distributor Network Broad reach to independent and regional operators through the national broadline network 100% of top national distributors serviced (²) (1) Top national foodservice chains as identified by Technomic based on 2025 sales. (2) Sysco, PFG, US Foods.
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23 A Culture of Continuous Improvement A key competitive advantage in today's environment M A N U F A C T U R I N G Securing Yield Improvement Lean manufacturing that improves yields and throughput and maximizes raw material usage T E C H N O L O G Y Deploying Automation Improving efficiency, lowering costs and redeploying talent to higher-value work S U P P L Y C H A I N Simplifying Transportation Network optimization to manage transportation inflation I N V E S T I N G A H E A D Proposed New Sioux Falls Plant Our most modern, efficient and largest combined Fresh Pork and Packaged Meats plant
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24 Strategic M&A Advances Smithfield's strategy and is immediately accretive Iconic Nathan's Famous Brand Replaces a license expiring March 2032 with outright ownership — securing long-term cash flows. Enhanced Packaged Meats Offering Drives growth of our flagship, high-margin segment across retail and foodservice. Greater Penetration in Foodservice Further optimizes the foodservice channel through direct management of the brand. Product Innovation Runway Full brand control accelerates the pipeline — building on successful launches like Nathan's Grass Fed.
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25 05 04 03 02 01 Strategic Priorities Drive Growth & Resiliency Packaged Meats – Increase profits through ongoing product mix improvements, volume growth and innovation Fresh Pork – Maximize net realizable value across channels at a best-in-class cost structure Optimize operations – Drive operating efficiencies across manufacturing, supply chain, distribution, procurement and SG&A M&A – Evaluate synergistic opportunities Hog Production – Reduce internally produced hogs to <10MM head annually and achieve a best-in-class cost structure on retained farms
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26 Today’s Presenters MARK HALL Chief Financial Officer 12 years of experience at Smithfield SHANE SMITH President and Chief Executive Officer 23 years of experience at Smithfield OUR CEO & CFO STEVE FRANCE President, Packaged Meats 24 years of experience at Smithfield DONOVAN OWENS President, North America Pork 33 years of experience at Smithfield OUR SEGMENT HEADS Q&A
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Appendix
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28 Adjusted Net Income Reconciliation Three Months Ended September 27, 2026 September 28, 2025 $ millions, except per share data Net income attributable to Smithfield $89 $248 Litigation charges 12 — Plant closures (1) 5 — Reduction in workforce and optimization (2) 3 — Incremental costs from destruction of property 1 — Office closures 1 — Hog Production Reform (3) (4) 1 Insurance recoveries — (2) Company-owned life insurance gain (4) — (17) Other 1 — Income tax effect of non-GAAP adjustments (5) (5) — Adjusted net income attributable to Smithfield $103 $230 Net income attributable to Smithfield per diluted common share $0.23 $0.63 Adjusted net income attributable to Smithfield per diluted common share $0.26 $0.58 (1) Consists primarily of accelerated depreciation and amortization charges, retention and severance costs and other incremental costs associated with our decision to exit our leased Springfield, Massachusetts dry sausage production facility. (2) Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (3) Consists primarily of gains recognized in connection with the lease of hog production farms to contract growers for Murphy Family Farms LLC ("Murphy Family Farms"). (4) Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies. (5) Represents the tax effects of the non-GAAP adjustments based on a statutory tax rate of 25.7%
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29 Adjusted EBITDA Reconciliation Nine Months Ended Twelve Months Ended September 27, 2026 September 28, 2025 September 27, 2026 December 28, 2025 $ millions, except percentages Net income $579 $667 $910 $998 Interest expense, net 22 33 30 41 Income tax expense 165 205 243 283 Depreciation and amortization 255 248 339 332 EBITDA $1,021 $1,152 $1,523 $1,654 Litigation charges 12 73 12 73 Reduction in workforce and optimization (1) 8 9 11 12 Incremental costs from destruction of property (2) 4 — 4 — Plant closures (3) 3 1 3 1 Office closures (4) 2 4 2 4 Hog Production Reform (5) (5) — (7) (1) Employee retention tax credits (6) — (10) — (10) Insurance recoveries (7) — (36) — (36) Company-owned life insurance gain (8) — (17) — (17) Other 2 — 2 — Adjusted EBITDA $1,047 $1,175 $1,549 $1,677 Net income margin 5.3 % 5.9 % 6.0 % 6.4 % Adjusted EBITDA margin 9.6 % 10.4 % 10.2 % 10.8 % (1) Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (2) Consists primarily of incremental costs from the destruction of property in connection with a fire at a sow farm in Laverne, Oklahoma. (3) Consists primarily of retention and severance costs and other incremental costs associated with our decision to exit our leased Springfield, Massachusetts dry sausage production facility. (4) Consists of employee termination benefit costs and other closure costs associated with the planned closure of our satellite offices in Lisle, Illinois and Kansas City, Missouri. (5) The nine and twelve months ended September 27, 2026 include gains recognized in connection with the lease of hog production farms to contract growers for Murphy Family Farms. Fiscal year 2025 and twelve months ended September 27, 2026 include a gain on the sale of certain hog farms in Missouri, which for the first nine months of 2025 and twelve months ended December 27, 2025 was largely offset by contract termination costs, loss on asset disposals, employee termination benefits and other exit costs associated with our Hog Production Reform initiative. (6) Represents the recognition of employee retention tax credits received under the CARES Act. (7) Consists of gains recognized in connection with settlements of insurance claims associated with past litigation and property damage. (8) Consists of a gain recognized in the third quarter of 2025 for a one-time benefit on company-owned life insurance policies.
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30 Net Debt to Adjusted EBITDA Reconciliation Trailing 12 Months Ended September 27, 2026 December 28, 2025 $ millions, except ratios Current portion of long-term debt and finance lease obligations $602 $3 Long-term debt and finance lease obligations 1,402 2,000 Total debt and finance lease obligations 2,004 2,003 Less: Cash and cash equivalents (1,178) (1,539) Net debt $827 $464 Net income $910 $998 Adjusted EBITDA $1,549 $1,677 Ratio of total debt and finance lease obligations to net income 2.2 x 2.0 x Ratio of net debt to adjusted EBITDA 0.5 x 0.3 x
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31 (1)Consists of our Mexico and Bioscience operations. (2)Represents general corporate expenses for management and administration of the business. (3)We do not allocate certain items to our operating segments such as litigation charges, exit and disposal costs, insurance recoveries, gains and losses on the sale of property, plant and equipment and other assets, accelerated depreciation, and employee termination benefits, among others. (4) Consists primarily of accelerated depreciation and amortization charges, retention and severance costs and other incremental costs associated with our decision to exit our leased Springfield, Massachusetts dry sausage production facility. (5)Consists of employee termination benefits and restructuring costs associated with workforce reduction and administrative process optimization initiatives. (6)Consists of gains recognized in connection with the lease of hog production farms to contract growers for Murphy Family Farms. Three Months Ended September 27, 2026 Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated Operating profit (loss) $230 $(89) $34 $(5) $(25) $(18) $127 Litigation charges — — — — — 12 12 Plant closures (4) — — — — — 5 5 Reduction in workforce and optimization (5) — — — — — 3 3 Incremental costs from destruction of property — — — — — 1 1 Office closures — — — — — 1 1 Hog Production Reform (6) — — — — — (4) (4) Other — — — — — 1 1 Adjusted operating profit (loss) $230 $(89) $34 $(5) $(25) $— $145 Operating profit (loss) margin 11.6 % (4.9)% 5.0 % (3.3)% NM NM 3.7 % Adjusted operating profit (loss) margin 11.6 % (4.9)% 5.0 % (3.3)% NM NM 4.2 % Three Months Ended September 28, 2025 Packaged Meats Fresh Pork Hog Production Other (1) Corporate (2) Unallocated (3) Consolidated Operating profit (loss) $226 $10 $89 $10 $(24) $(1) $310 Hog Production Reform — — — — — 1 1 Insurance recoveries — — — — — (2) (2) Adjusted operating profit (loss) $226 $10 $89 $10 $(24) $(1) $310 Operating profit margin 10.8 % 0.5 % 10.9 % 7.7 % NM NM 8.3 % Adjusted operating profit margin 10.8 % 0.5 % 10.9 % 7.7 % NM NM 8.3 % Adjusted Operating Profit Reconciliation
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